When you subscribe we will use the information you provide to send you these newsletters. Sometimes they’ll include recommendations for other related newsletters or services we offer. OurPrivacy Noticeexplains more about how we use your data, and your rights. You can unsubscribe at any time.

Rangers chairman Dave King this morning suffered a crushing blow as a top judge ruled he must make an £11 million shares offer.

The decision at the Court of Session potentially plunges the Rangers owner into a major cash crisis as King’s lawyer previously told Lord Bannatyne the entrepreneur was “penniless”.

King, who has faced turbulent conflict with tax authorities in South Africa, argued that his money was tied up in onshore and offshore trusts but they were in the name of his family and he didn’t have control of them.

Dave King (Image: Getty Images Europe)

Read More

Related Articles

But Lord Bannatyne’s ruling favours the view of The Takeover panel, who argued that he controlled the cash and was legally bound to offer to buy out other Rangers shareholders at 20p a share - amounting to £11 million.

King’s advocate, Lord Davidson of Glen Clova QC, earlier told the court: “Mr King is penniless. Any order wouldn’t secure compliance. It won’t. It is pointless.”

He also recommended judge Lord Bannatyne dismiss the order because the shares were currently worth 27p.

Rangers chairman Dave King

The hearing at the Court of Session in Edinburgh was told King didn’t know he’d be legally required to fund the £11million share purchase as part of his takeover.

But Advocate James McNeill QC, acting for the Takeover Panel, rubbished the suggestion he was unaware of the 2006 Companies Act provisions.

Read More

Related Articles

Rangers managing director Stewart Robertson insisted the decision would not impact the club's plans to hold a fresh share issue early next year.

Speaking at a press conference following the news that caretaker boss Graeme Murty had been put in charge until the end of the season, Robertson said: "I haven't spoken to Dave but it's an issue for Dave on a shareholder basis.

"It doesn't impact the club and its day-to-day business. It will be business as usual for the club and the PLC so we will just continue with the plans we have got in place."